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The tablets are used to treat the life-threatening condition of adrenal glands that do not produce sufficient amounts of natural steroid hormones, for example with Addison’s disease.

The company also increased the price of 20mg hydrocortisone tablets by nearly 9,500 per cent, charging the NHS £102.74 a pack by March 2016, when it had previously paid £1.07 for the branded drug, the CMA found.

In a statement of objections issued to Actavis UK, the CMA today alleged the firm has broken competition law by charging excessive and unfair prices in the UK for the tablets.

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Andrew Groves, CMA senior responsible officer, said: "This is a lifesaving drug relied on by thousands of patients, which the NHS has no choice but to continue purchasing.

"We allege the company has taken advantage of this situation and the removal of the drug from price regulation, leaving the NHS – and ultimately the taxpayer – footing the bill for the substantial price rises.

"The CMA’s findings are provisional and no conclusion should be drawn at this stage that there has in fact been any breach of competition law.

"The CMA will carefully consider any representations of the parties under investigation before determining whether the law has been infringed."

It comes after drug maker Pfizer and distributor Flynn Pharma were fined a record £90m after hiking the cost of anti-epilepsy pills by up to 2,600 per cent overnight.

The two companies have now been ordered to reduce their prices for the drug.